Qualcomm posts higher revenue but misses Street

Qualcommposted fiscal second-quarter revenue on Wednesday that missed expectations as it wrestles with a smartphone market that is losing steam and shifting to China, sending its shares lower.

The chipmaker reported second-quarter revenue of $6.37 billion, up 4 percent from the year-ago period. Analysts on average had expected second-quarter revenue of $6.479 billion, according to Thomson Reuters I/B/E/S.

Qualcomm had second-quarter net income of $1.96 billion, up 5 percent. GAAP diluted earnings per share were $1.14. Its non-GAAP earnings per share were $1.31, above its previous forecast of between $1.15 and $1.25. Analysts on average expected $1.22.